Jari Latvanen Executive Vice President, Head of Division Consumer Board

Jari Latvanen Executive Vice President, Head of Division Consumer Board Solid track record from food industry Chief Executive Officer, Findus Nordic 2010-2014 Awarded with the Swedish Food Prize 2013 for managing the infamous horse meat scandal and acting as a whistle blower, White Guide award, Taste Developer of the Year 2013 Various leadership positions within Nestlé e.g. Managing Director, Nestlé Czech Republic and Slovakia, Assistant Vice President, Zone Europe Nestlé, HQ Switzerland, Managing Director Nestlé Sweden, Marketing Director Nestlé Nordics Brings unique understanding of consumers and retailers from working with strong brands in the food industry Strategic leader and food industry specialist leading innovative and interactive organization's focusing on active consumer based marketing

Division Consumer Board London, 28 May 2015 Jari Latvanen EVP Stora Enso Consumer Board The renewable materials company

Disclaimer It should be noted that certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by believes, expects, anticipates, foresees, or similar expressions, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Since these statements are based on current plans. estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products or services by the Group s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group s products and the pricing pressures thereto. price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group s principal geographic markets or fluctuations in exchange and interest rates. Stora Enso Capital Markets Day, 28 May 2015 The renewable materials company

A broad range of solutions to fit customer demands High quality board for premium segments Liquid Packaging Food Service Board General Packaging Cigarette Graphical

A broad range of solutions to fit customer demands High quality board for premium segments Liquid Packaging Food Service Board General Packaging Cigarette Graphical Chocolate and confectionary Cosmetics and luxury Pharmaceuticals Food packaging Drinks, wines and spirits

Versatile and competitive range of boards Strong brands supporting demanding end-uses Our products SBS Solid Bleached Sulphate SUB Solid Unbleached Board FBB Folding Boxboard WLC White Lined Chipboard Cupstock LPB Liquid Packaging Board Our brands

Consumers benefit from packaging But also believe packaging is excessive, expensive and bad for the environment The modern consumer Responsible Convenient and stress-free Zero tolerance Digital adoption It s all about information

Packaging sells! Good packaging strengthens brand identity and increase consumer satisfaction 64% of consumers say the brand is important when purchasing products used on a regular basis Stora Enso Ensocoat Source: Stora Enso Consumer Board consumer survey 2014

Packaging sells! Good packaging strengthens brand identity and increase consumer satisfaction 33% of consumers have purchased a new product due to the packaging Stora Enso Ensocoat Source: Stora Enso Consumer Board consumer survey 2014

1 592 9 761 9 069 9 307 9 751 10 175 11 552 5 166 13 824 18 157 7 611 10 507 12 992 434 608 760 2 644 3 261 The global consumer board market is growing Growth of 9 million tonnes expected 2013-2020 Latin America North America Europe China Rest of Asia Africa 2000 2013 2020 2000 2013 2020 2000 2013 2020 2000 2013 2020 2000 2013 2020 2000 2013 2020 Source: Pöyry Management Consulting

The global consumer board market is growing Growth of 9 million tonnes expected 2013-2020 3.0% 0.4% 1.8% 3.3% 4.0% 3.1% 3.3% Latin America North America Europe China Rest of Asia Africa SBS 0.3% WLC 0.3% LPB -0.7% SBS 1.7% LPB 1.6% WLC 1.5% WLC 2.6% LPB 3.1% WLC 2.8% CUK 2.8% FBB 2.4% SBS 1.9% Source: Pöyry Management Consulting

The global consumer board market is growing Growth of 9 million tonnes expected 2013-2020 Above region average LPB 7.8% FSB 7.6% FBB 7.4% CUK 6.3% SBS 4.3% 3.0% 0.4% 1.8% 3.3% 4.0% 3.1% 3.3% Latin America North America Europe China Rest of Asia Africa SBS 0.3% WLC 0.3% LPB -0.7% SBS 1.7% LPB 1.6% WLC 1.5% WLC 2.6% LPB 3.1% WLC 2.8% CUK 2.8% FBB 2.4% SBS 1.9% Below region average Source: Pöyry Management Consulting

The global consumer board market is growing Growth of 9 million tonnes expected 2013-2020 Above region average FSB 3.2% FBB 3.0% CUK 1.8% LPB 7.8% FSB 7.6% FBB 7.4% CUK 6.3% SBS 4.3% 3.0% 0.4% 1.8% 3.3% 4.0% 3.1% 3.3% Latin America North America Europe China Rest of Asia Africa SBS 0.3% WLC 0.3% LPB -0.7% SBS 1.7% LPB 1.6% WLC 1.5% WLC 2.6% LPB 3.1% WLC 2.8% CUK 2.8% FBB 2.4% SBS 1.9% Below region average Source: Pöyry Management Consulting

The global consumer board market is growing Growth of 9 million tonnes expected 2013-2020 Above region average FBB 1.5% FSB 1.5% CUK 0.5% FSB 3.2% FBB 3.0% CUK 1.8% LPB 7.8% FSB 7.6% FBB 7.4% CUK 6.3% SBS 4.3% 3.0% 0.4% 1.8% 3.3% 4.0% 3.1% 3.3% Latin America North America Europe China Rest of Asia Africa SBS 0.3% WLC 0.3% LPB -0.7% SBS 1.7% LPB 1.6% WLC 1.5% WLC 2.6% LPB 3.1% WLC 2.8% CUK 2.8% FBB 2.4% SBS 1.9% Below region average Source: Pöyry Management Consulting

The global consumer board market is growing Growth of 9 million tonnes expected 2013-2020 Above region average FBB 5.0% CUK 4.2% WLC 4.1% FSB 4.0% LPB 3.6% SBS 3.4% FBB 1.5% FSB 1.5% CUK 0.5% FSB 3.2% FBB 3.0% CUK 1.8% LPB 7.8% FSB 7.6% FBB 7.4% CUK 6.3% SBS 4.3% FBB 5.7% FSB 4.5% CUK 3.2% SBS 3.2% LPB 3.9% FSB 3.8% WLC 3.6% 3.0% 0.4% 1.8% 3.3% 4.0% 3.1% 3.3% Latin America North America Europe China Rest of Asia Africa SBS 0.3% WLC 0.3% LPB -0.7% SBS 1.7% LPB 1.6% WLC 1.5% WLC 2.6% LPB 3.1% WLC 2.8% CUK 2.8% FBB 2.4% SBS 1.9% Below region average Source: Pöyry Management Consulting

Huge opportunities in expanding our coverage Our potential market is much higher than current board packaging demands Other packaging materials Board 2008 2009 2010 2011 2012 2013 Source: SmithersPIRA

Huge opportunities in expanding our coverage Our potential market is much higher than current board packaging demands Other packaging materials Board 2008 2009 2010 2011 2012 2013 Future Source: SmithersPIRA

Paperboard Glass Wood Metal Aluminium Plastic Paperboard Glass Plastic Wood Dont know Aluminium Metal Board s merits compared to other materials Consumers prefer board Consumer appeal Premium perception What is your attitude towards the following packaging materials? Which type of packaging do you think is the most environmentally friendly? % positive 70 62 61 47 46 43 55% 19 10 8 4 3 2 Stora Enso Ensocoat 2S Source: Stora Enso Consumer Board consumer survey 2014

Board s merits compared to other materials We are aiming for a 100% renewable packaging Renewable & Recyclable Sustainable Beverage carton recycling (EU28+CH+NO) 450 400 350 300 250 200 150 100 50 0 Volume (tonnes) 1998 2000 2002 2004 2006 2008 2010 2012 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Source: ACE

A focused strategy for growth Finding growth in a demanding business environment Consistent quality Right price Good service Efficient supply chain Global responsibility License to operate

A focused strategy for growth Finding growth in a demanding business environment Customer focused portfolio Strong brands and top quality Innovation and R&D Marketing and Communication Consistent quality Right price Good service Efficient supply chain Global responsibility Premium offering License to operate

A focused strategy for growth Finding growth in a demanding business environment Consumer foresight Full value chain understanding Service offering to brand owners Customer focused portfolio Strong brands and top quality Innovation and R&D Marketing and Communication Consistent quality Right price Good service Efficient supply chain Global responsibility Partnership offering Premium offering License to operate

Our strengths We focus on adding value to our customers Renewable Solutions Customer focus Global coverage Competitive assets Exciting Innovation and R&D

Our strengths We focus on adding value to our customers Renewable Solutions Customer focus Global coverage No.1 Stora Enso Tambrite most valuable cartonboard brand among European brand owners. Competitive assets Exciting Innovation and R&D The Brand Tracking Survey Cartonboard for consumer packaging 2014 defines and ranks the most valuable virgin fibre cartonboard brands in Western Europe according to consumer goods brand owners. The Opticom Brand Equity Index, takes into account both awareness of and satisfaction with the brand. Satisfaction encompasses quality and service associations, perceived brand performance as well as loyalty towards the cartonboard brand.

Our strengths Global products, local contacts Renewable Solutions Customer focus Global coverage Competitive assets Exciting Innovation and R&D Stora Enso Consumer Board mills Countries where Stora Enso Consumer Board has sales

Our strengths Global products, local contacts Renewable Solutions Customer focus Global coverage Competitive assets Exciting Innovation and R&D Stora Enso Consumer Board mills Countries where Stora Enso Consumer Board has sales

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Investing in China part of the winning strategy Capitalising on our strategic board grades Continued good demand for virgin fibre board in China Strengthen leading global LPB position Asian production base 20 000 18 000 16 000 14 000 12 000 Cartonboard demand in China 2000-2020 CAGR 6.5% 10 000 8 000 6 000 4 000 2 000 0 * Source: Pöyry Management Consulting

Our strengths Investing for top quality and competitiveness Renewable solutions Customer focus Global coverage Competitive assets Exciting Innovation and R&D

Our strengths Thinking out of the box mentality Renewable solutions Customer focus Global coverage Competitive assets Exciting Innovation and R&D Stora Enso CKB Photo courtesy by Hörauf

Best-in-class margins Sales 2 223 2 209 2 241 2 297 EBITDA margin 16,5% 16,1% 15,4% 19,1% ROOC 15,8% 13,6% 14,4% 17,8% 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 The renewable materials company

Focus on costs and working capital Fixed costs Variable costs per tonne OWC/sales Index 2010=100 Index 2010=100 Index 2010=100 105 105 105 100 101 100 100 100 100 99 100 100 95 97 95 97 94 95 95 90 90 90 89 85 85 85 85 80 2011 2012 2013 2014 80 2011 2012 2013 2014 80 2011 2012 2013 2014 The renewable materials company

Building the future Consumer Board FOCUSED CUSTOMER BASED STRATEGY STRONG FINANCIAL PERFORMANCE CONSUMER DRIVEN INNOVATIONS The renewable materials company

World of packaging